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SirWin

Binance withdraws registration in UK amid global crackdown

binance-withdraws-registration-in-uk-amid-global-crackdown
Edited by
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Binance withdraws registration in UK amid global crackdown

Binance limits its services in unfavorable jurisdictions as regulatory authorities worldwide tighten their scrutiny. Binance UK is canceling its registration with banking regulators.

On June 7, Binance UK requested to cancel its registration from the Financial Conduct Authority (FCA). The company clarified that no other entity within the Binance Group holds any UK authorization or registration for regulated business.

The FCA has officially revoked the licenses previously granted to Binance’s UK branch. The FCA stated that Binance UK is “no longer authorized” and cautioned that certain activities by the firm may not be protected.

Binance’s legal troubles

Financial authorities around the globe have targeted Binance, making it a primary goal in their efforts to regulate the cryptocurrency industry. Following the United States, many countries seek to track down the firm.

The UK has proven to be a challenging environment for Binance. In 2021, the FCA expressed concerns about the exchange’s ability to be effectively supervised. Issues were also raised regarding Binance’s partnership with Paysafe, a UK payment processor, in February 2022.

Despite Prime Minister Rishi Sunak’s positive statements about web3 and blockchain innovation, banks and regulators in the UK remain cautious towards the crypto industry.

Patrick Hillmann, Chief Strategy Officer of Binance, believes the United Kingdom offers a more favorable business environment than the United States.

In addition to the UK, Binance has withdrawn its regulatory registration in Cyprus and the Netherlands before implementing new crypto laws under the MiCA framework in Europe.

Earlier this month, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance, accusing the company and its CEO of multiple violations of federal securities laws, market manipulation, and misleading investors.

However, there has been a recent glimmer of hope. Last week, the court indicated that reaching an agreement with the SEC is preferable to facing a freeze of US assets, which could harm Binance’s investments.